kelly and tyler, back over to you. >> but no direct impact to micro strategy that we could see otherwise? >> yeah. it is sort of still trading like a bitcoin proxy. it's interesting nothing really about bitcoin mentioned here. just sort of good old fashioned tax fraud issue and, yeah. it seems to be resilient here not taking much hit. >> bitcoin pops up in that context. kate, thanks. kate rooney. that's it for "power lunch." thank you, everyone. "closing bell" starts right now. ♪ thanks so much. welcome to "closing bell." here at the new york stock exchange. this make or break hour begins swoon to begin june and whether it means anything for where stocks might trade as this new month begins. we'll ask our experts over the final stretch and be joined by former dallas fed president robert cap lan. now the vice chairman at goldman sachs. look forward to that. let's show you the score card with 60 minutes to go in

regulation in this first trading session of june, dow is off a low, still a weekday, was down more than 400. still down two thirds of 1%. the nasdaq trying to get something going as the last hour begins. got work to do as you see. weaker economic data today sending both stocks and yields lower. that's a big part of the story most sectors remaining in the red, that's trying to turn a little bit. i see three on my screen that are now green. we'll track it. financials, industrials, materials among the biggest losers today. so watch that as well. the outlier, what else, nvidia, it's higher again. and that's along with apple and meta, as you see. meta having a nice day, up to 2%. the road ahead for your money, stock start june with good amount of red on the board today. let's welcome in chief market strategist for jp morgan asset management and christina hooper, both you see here joining me at post nine. nice to see both of you. new month. what happens to stocks?

>> so, i think what we have been saying this whole year is that asset classes are still extremely sensitive to this back and forth plain analogies during the month of april, initially in may, it was about concerns about re-acceleration in inflation, about potentially bringing back rate hikes. that largely calmed down during the month of may. i think we're really turning now into june into an environment where there's more concernon the other side about real economic growth. and for us, really this is just the story of a moderation in the overall pace of growth. but any time you're moving to a lower altitude, you can have some slightly more choppy air and some concern about too much deceleration that's what we're seeing today. >> you speak to today, right, data was not great. so bad news is bad news potentially for stocks. do we no longer get the bad news is good news boost? because we think it's just going to lead to rate cuts sooner?

>> i think largely this year it's been really a focus on why rates are rising, conversely why rates would be falling. an environment where yields are falling because inflation is moderating and the fed is proactively starting a gradual rate-cutting cycle is a good environment for stocks. but in an environment where yields are falling because there's true concern about economic deceleration, that then is not a positive environment. so the why matters a lot. but i would just highlight here really this morning we got manufacturing data, all that we're seeing with manufacturing, home building, autos, is until rates come down substantially, it's just going to be hard to get off the floor. that's really not new information. i think we would really focus as the week goes onon any news or any downside news around the jobs market and the very, very critical consumer piece of the pie here. >> that says, though, to me, christina, that if -- until rates come down considerably,

that's the word that gabriella used, that the broadening trade remains suspect, you can't count on it until rates really start coming down? is that fair? am i wrong? >> i don't agree. i think there's a real psychological value to having one rate cut, to feel as though the fed is moving in that direction. and i think that can do a lot certainly for markets which i'm focussed on. but i think also it will help the economy. i think we could see some loosening of credit conditions. provide a little breathing room for real estate. i think it could yield good things. i also do believe that it wouldn't be the only rate cut this year. i think the fed could easily cut in july and cut again once or twice in 2024. not because the sky is falling, but because monetary policy is too restrictive given how much progress has been made on disinflation. >> what if they don't cut at all? barrens was out this weekend, they're not going to cut. you obviously had expectations

come way in. we'll ask robert kaplan what he thinks. what if you get none? >> that could be problematic. we had that apprehension and nervousness today. this is a softening of the economy that the fed has orchestrated. the fed now needs to start cutting or else i do think there will be more concerns, more days where bad news is bad news if we think the fed is resolute in not cutting. i just don't believe that's not the case. >> gabriella, tech led, utility the outlier, derivative ai, play up 8.5%, com services up 6.5, real estate up 5. what's going to lead us now? we narrowed again, right, as tech has come roaring back, is the narrowing of the market going to continue? >> i think one of the things we have to ask ourselves is not just the economic picture and that's where we have a hard time

seeing real estate or manufacturing rebound with what's already been priced into the market. specifically when it comes to real estate, public real estate rates, substantially priced in the deceleration that we've had in the real estate market. so that's an area where a lot of investors we have spoken to are starting to take another look, including in private markets as well. so i think you have to ask yourselves, not just what is a cyclical picture, but what is the actual fundamental expectation that's priced in. that's where when we think about the broadening out trend, it can still happen even though rates don't move lower significantly because you still have some sectors that are cheaply priced and some sectors that have other tail winds just besides the cyclical picture. it's very encouraging to see a broadening out of the ai infrastructure build out winners from just nvidia to other types

of hardware, utilities, energy. but also some other interesting themes our investors are focussing on, whether it's industrial policy, boosting industrials, ai plus glp 1 drugs in healthcare as well as resuring and near shoring benefitting places like india and mexico. >> i feel like, christina, you're making the case for the broadening because you believe that you're going to get the cutting. >> absolutely. >> right? >> so that could make the argument for investors looking more across the pond to uk equities, to european equities because certainly especially in europe it's much more likely they're going to start getting rate cuts and they're likely to get more rate cuts this year. >> just go where the cuts are first? >> well, there are other things at work as well. you have attractive valuations, far more attractive valuations, and you have a little thing called positive economic surprise. and i think that's helpful as well. >> how can you have all things for everybody? in the sense that if you say look overseas, maybe they're going to be cutting first,

wouldn't that be at the expense of the u.s. market doing well? if we think the fed is going to be late or last, so to speak, to the cutting game, doesn't that impact potential returns? >> i think it could slow down positive gains. but it doesn't mean that you're going to have a terrible environment for u.s. stocks. it could be that others take the lead. that european equities take the lead. uk equities could perform better. they're poised just given that they have existed with more negative sentiment, with lower expectations and now we're seeing that positive surprise there. you could argue that u.s. stocks are far more highly valued, closer to being priced for perfection. although, if we were to break down the s&p 500, we would certainly see the very highly valued segment and other areas that could perform -- that are more attractively valued and could certainly have catalysts

that move them forward. >> you've got jp morgan today, the firm house view, quote -- this is maybe this is more their trading -- we see the market upside capped during summer due to the inconsistency between consensus call for disinflation at the same time the belief in no-landing and earnings acceleration. you work for jp morgan asset management, i don't want to put you in a bad spot or get you in trouble. >> appreciate it. >> the thought, the idea this will be too inconsistent. and that's going to hurt the market. on the beliefs of, oh, earnings will be great and fed will do this and inflation will come down and everything is just going to work out perfectly. >> i think in the short term you could see a more sideways market or even another correction like we had in april. this time not driven by concerns about reaccelerating rate hikes, this time decelerating economic growth and how investors do or don't need to price that into earnings expectations. we zoom out more, our

expectation is for a market that grinds higher. we would agree with that christina is saying, we feel there is already peak optimism and peak concentration global equities within u.s. equitequit >> you agree with the attractiveness of markets outside the u.s.? >> not just attractiveness but cat litss. so for europe, it's the region that was the most sensitive to rate hikes conversely it can be the most positively sensitive to rate cuts. you also have very, very high discounts on a sector by sector basis versus the u.s. in an environment where there's growth again, there's inflation, positive interest rates. then i would really look to asia as the epicenter of several of this decades' huge investing themes jarks pan going through a once in a generation rerating due to governance reforms. and then parts of southeast asia, like in india, benefitting from a combination of

demographics and -- >> that seems to be a very popular trade now, the elections in the market obviously is doing quite well. so christina, you talk about money coming off the sidelines. if we're having more questions about the strength of the economy, right? we'll get a jobs report on friday, for example, why should we be convinced that money will come off the sidelines if we'll once again have a correction that maybe could occur as gabriella says or questions about the stability of the economy? >> great question. my advice would be i don't expect money to come off the sidelines, but i would recommend that some money come off the sidelines. that investors not take profits necessarily. i'm sure they're overweight u.s. right now. but to add to exposure to those attractively valued areas. like european equities, like uk equities and like emerging markets asia equitequities. it doesn't have to be india, it could include india, those are

richly valued. there are other -- >> you mean through etf proxies here in the snus is that what we're talking about? >> you could potentially access it that way, absolutely. >> we'll leave it there. ladies, i appreciate it very much. thank you for being here at post nine. shares of nvidia, well, they're higher today. amd, though, not. these stocks moving in opposite directions. that's following more ai announcements. kristina partsinevelos is here with those details. >> it's been only three months after launching gpu platform blackwell that nvidia is announcing the next generation robin platform. the stock, like you said is almost higher 4%. they haven't started shipping yet and they're already announcing the next generation. ceo promising that they're sticking with a one-year rhythm of creating new chips. they also annoyanced a succession of gpued over the next few years. no mention on your screen any ai-pc chips specifically but he

hyped up the rtx-aipc which could or would be used -- they would use their gpus instead of npus found in other ai laptops. the higher costs of these chips are justified. >> ceo math is not accurate, but it is correct. the more you buy, the more you save. well acceler computing does deliver extraordinary results, but it is not easy. >> the more you buy, the more you save has been his catch phrase since 2018. they even had a really gimmicky song, more you buy the more you save. we couldn't get that up in time. all this bodes well for manufacturer tsmc. shares up 2% because of this continuous cycle. amd ceo also promising a one-ship per year timeline with their new gpu available in q4 2024. newer gpus set to be released in

2025 and to 26. significantly better at infrancing. amd, they announced the third or their third generation ai-pc processors going on sale this july, directly competing with intel and qualcomm ai-pc. qualcomm on the market already. shares down 2.5% today. not reacting the same way as nvidia because the pressure is on for amd to provide the shorter product timeline. something they haven't promised in nvidia has in the past. there will be a lot of pressure on them. that's for sure. >> looks like that wi. christina, thank you. we'll come back in just a bit. joining me now with more, alex, big technology. good to see you here at post nine. feels like amd's biggest problem is it's not nvidia. no matter what they do, it doesn't seem to allow them to have any sort of reaction like n jade gets. nvidia announces something new,

stock goes up a lot. amd announces something new, no reaction. >> can you imagine being amd this weekend, ready to go with your big announcement and jensen announces a road map to 2027. what jensen is doing signaling, thinking about building in-house, we have you covered the next four, three years. amd, never going to measure up to that. talking about two generations previously in terms of the benchmark. so it's tough to be amd right now. that being said, i'm not fully crying for them. this ai boom has lichtded them about 30% over the past year. that's good news for a company that was really struggling the middle of a pc downturn. >> is it long-term mote that is giving nvidia such a big theoretical advantage? or is it just simply first mover advantage is so firstened so big it will take so long for everybody else to catch up? >> it's momentum. what nvidia has, better chip and software that all these

developers are developing ai on. if you're an ai developer, thinking about, wait a second, nvidia is expensive, we don't know if we'll get the supply, let's look at others. you have to develop on a new software framework. then meanwhile, nvidia is just saying, you're already with us. you're already developing and want these h 100s, you want blackwell, we'll raise it one more and show you ruben. how do you justify saying you want a ms. md instead. you can't. >> it's up 129 -- 130% year to date. you think what, make sense to you not as a stock picker but as a story watcher. >> the big question is going to be whether all this investment in nvidia is justified. we just don't have that story at the bottom line right now. we have something like there's

been numbers that has thrown out that 50 billion has been spent on nvidia ai-gpus. we need to see roi but in consumer and much broader segment of the economy including what jensen said yesterday which is shipbuilding. you have to see this broaden everywhere to justify these number. now i think nvidia will be fine up until the next generation black well. i'm sure it will be sold out. when it comes to this ruben thing, that's when we're going to find out whether this thing can continue to grow at the pace it's been growing. >> you mentioned next week apple wwdc is what you're eluding to. we'll be there broadcasting as all of this unfolds. what's at stake? >> apple will make a big bet on its operating system. they will try to integrate ai deeply into its operating system, natural language, connect certain applications and really operate an iphone in a way that you haven't been able to recently.

i mean, siri we know has been a disappointment. the graphic user interface, tap, tap, tap, figure out your way around. can apple make a product that's that much better by connecting different apps an different commands through siri, whatever voice interface or text interface that it's planning to roll out. that will be the big question. and, i thought maybe baby steps. the news of voice memos and maybe images, dancing emojis. looks like they're going a level deeper. the operating system is the bread and butter on the iphone. we'll make big changes there. i applaud. that's a bold move that apple will make. we'll see how big they go, how far they go and when it's coming. we might not see it until 2025. >> how much of a wow does visit to be given the fact they are in, quotes, last to go in terms of what you're really going to do from an ai standpoint and think about the monetization of it, whether it will lead to some great upgrade cycle and things like that? >> i think it has to be a wow. apple really needs this.

think about what they did with the vision pro. made everybody think that virtual reality, augmented reality, mixed reality would be a thing we're going to start using today. it hasn't fully panned out that way. but they have the marketing muscle. they can tell a story better than any other company in silicon valley. they can't tell a story about ai,inside the company there's not exactly the momentum and the vision that there might be on other products. so i think whether or not we're going to see an ai-ios starting next week, we really need to see a clear vision from apple and a lot of the stake here. the stock has run up. >> also the history here is they've proven that they don't have to be first. they've just been capable at being best. now, i'm not suggesting that their ai offering -- could be apples and oranges to what the others have introduced. in terms of the category, they don't care about being first as long as they get it right. >> i love this partnership they'll have with open ai to power a lot of this stuff.

also talked to google. i think they realized that they haven't been the best at developing this technology internally. but by god they'll be the best at trying to integrate into an experience for consumers. you know, there's still a lot percentage of the population that really hasn't seen ai. on the top of whatsapp or mess messenger. chatgpt still only has 100 million users. we're talking about billion plus iphones out there. >> that's a good point. >> this could be a real opportunity for them to introduce -- you're right, be potentially last or late, but be the one that matters. >> yeah. we'll see the stock. you mentioned it's been running up into this event. it's positive on the year albeit slightly. but some green is better than none, i guess they would say. thank you. quick programming note, i just mentioned don't miss "halftime report" and "closing bell" live from apple's worldwide developer conference next monday june 10th. we cannot wait. we're just getting started here, by the way. up next, navigating the mean mania. gamestop and amc are popping thanks once again to roaring

kitty. we'll drill down on those moves and find out if the meme craze could really be returning. we're live at the new york stock exchange. you're watching "closing bell" on cnbc. ♪

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welcome back. shares of gamestop and amc soaring in today's session. kate rooney has a run-down of what is driving those moves. and, i think we know who and what, kate. >> that's right, scott. yeah, exactly. no fundamental drivers we can talk about on this one. it's the late nest a series of g gamestop rallies sparked by yet another online post from you guessed it, kooel gill and his account. aka roaring kitty, led an army of retail traders into the gamestop short squeeze a few years ago. his return to social media after a three-year hiatus ginning up excitement around gamestop.

despite mentioning those stocks. he took to reddit, appeared to be $116 million gamestop position. we could not verify the screen shot. shows 120,000 call options with a strike price of about 20 bucks bought for around $5. the stock is now trading today at least above $30. famous short seller placed a new bet on gamestop after telling bloomberg in an interview today he courted his short from may and reshorted gamestop today. did not disclose the size of the bet but said it was smaller than his prior position, scott. >> kate, appreciate that. up next, former dallas fed president robert kaplan is back for his first tv interview since returning to goldman sachs. he'll tell us what he's expecting from the fed during the next few meetings and more just after the break when "closing bell" comes right back.

♪ welcome back. june kicking off with a flood of critical economic data ahead of next week's fed decision. as investors search for any clues into the path for interest rate cuts. joining me here post nine is goldman vice chairman and former dallas fed president robert kaplan. welcome. nice to see you.

>> great to be here. >> next meeting june, no cut. >> correct. >> july no cut? >> i don't think so. unless something shocking happens surprisingly happens. >> september? >> i think september is the first month where a cut is a possibility. but i think the fed would need to see at least a few more months of improvement in inflation. if they , september is possible. >> when you see predicts like barrens made over the weekend that says no cuts, goldman is little more aggressive on that side, obviously, what do you think? do you sit back, do you say there's no way they're not cutting at all if the data continues to be what it is? >> so i think it's hard to make accurate predictions right now. and i think -- if i'm at the fed, i'm more in the risk management business not the prediction business. and the concern they have is they want to see more sustained improvement. and the other concern they have if they cut too early, and you

see a softening in financial conditions in further appreciation, that could actually fuel stronger growth, consumer spending. so, they're trying to thread that balance. i don't think making a precise prediction is that important. i think the next move is likely to be down, not up, but the timing is uncertain. >> we just got a pce, which is their favorite measure, allegedly. you know it is. that was in line. >> yep. >> so then we get one in june for may. so if that one comes in fine, that's good. then if we get in july for june, that comes in, that gives them the green light to go in september? >> if i were in my former seat, i would want to say right now headline pc around 2 3/4, i would like to see it continue to moderately improve between now and september. i think they want to see not just sideways. they want to see moderate -- i

would want to see moderate improvement. >> what's the go-level, 2.5? is that something we should put in our heads, if it's 2.5, that's a go. >> it's a trajectory being improving. the reason i'm being cautious here, they'll be cautious, you have to remember fiscal spending is maybe more moderate versus last year, but we're running higher deficits than we did pre-covid. infrastructure act that are open ended spending programs. you've got a big increase in wealth that helps consumer spending. you don't want to see a re-acceleration here. so, there's no exact bogey, but you want to see continued improvement. >> see, this is the great debate. i think it's been somewhat of a conundrum of sorts inside the fed as to what degree is inflation caused by the traditional forces excess demand versus things that they can't

control no matter what they do. and those are still the residual impacts from a pandemic, supply chain issues, and other variables that make this inflation unlike other inflations. >> well, you have two or three structural issues that may not be covid related that they have to contend with. we've gone from globalization to deglobalization, on shoring. on shoring is expense i have. >> it's inflationary. >> that's right. tariffs on foreign goods is expensive. in addition, you've got a massive energy transition away from fossil fuels. that's expensive. and then you've got beyond the money spend for covid, you have american rescue act, inflation reduction act, infrastructure act that added in another 4 trillion plus of potential spending. so, you're -- you've got restrictive monetary policy that's being blunted by those forces. you're going to have to turn over a few more cards to see how

it plays out. >> how can they -- and how do you think they're thinking about the positive benefits and the deflationary forces of ai and technology itself, which is this incredible thing that we are still trying to figure out how to quantify it from an economic standpoint? >> so there's two big disinflationary forces that they're monitoring carefully and i would be monitoring. we have a jump in labor supply from immigration. is that going to sustain or not? i don't think we know. i don't think they know. the second to your point, could all this technology spending lead to a jump in productivity growth, which would be very helpful, means we could gro faster with less inflation. >> we think yes, right? >> well, to some extent and the jury is out. also understanding that a big chunk of the u.s. economy is services and services in certain sectors snts as sustainable to productivity improvement. so, i think there's a great hope for that. but you want to see it manifest

itself. >> are you worried at all that the fed was late to hike is going to be too late to cut? >> i think that i worried a couple years ago that they were more than late. they were very late. they were 20 months late on bond purchases. >> that's late. >> if they're late this time, it will be by a meeting or two. i think these issues will be tactical. you could argue waiting 20 months might have been a strategic mistake. i think the issues here are more tactical. so i'm not worried about a big mistake from the fed. >> so even if they wait a month too long to cut, you don't think -- >> they'll fix it. >> there will be some sort of credit crack or crisis which they're too late to react to, dominos would have already started to fall and there are they can't really fix it until they all fall? >> my view is the fed is pretty well positioned now. they weren't two years ago. i think they're pretty well positioned. my big worry, as you heard me say before, is not so much with monetary policy, getting that

wrong, i think the fed will get it right. maybe not perfect. i'm more worried about the fiscal excess and how we manage that in years ahead. >> i think one of the big questions of next week's meeting is the dot plot, right? >> yeah. >> the so-called forecast of where we think the number of cuts is going to come in. the median cut. what do you think about that? >> i would guess the dot plot median is going to be one maybe one plus. i think the rhetoric associated with that will be hawkish. so i think you'll see some cuts in the dot plot, but people should understand, that's not a commitment. that's an estimate. i think they'll be hawkish and make clear that's not a commitment and they're going to keep their options open. >> see, the interesting thing i think we've learned is when you say they'll -- they doesn't necessarily mean the in terms of the chairman. so the committee itself could be more hawkish.

we had more hawkish feds speak at times, even associated with the last meeting than the chair himself comes out and was not nearly as hawkish as the market would have expected and that's why we had that powerful rally from the april low until now. >> i would venture to guess if the chair had a do-over, he might have wished he had been tougher in the december press conference. i think they're speaking not totally unanimity, but i think they're on the same page. i think they would be well served to air on the side with hawkish rhetoric to keep their options open. >> you think he overdid it? he had public appearances since and didn't make that big of an opportunity to walk anything back. >> the december meeting was the one where i think maybe a little too much of an indication that they were near success. i think the market got out ahead of them. i think they walked it back, but it was a challenge to walk it back. i think the market and the fed

are not too far apart right now. and i think they're pretty well positioned. >> your goldman hat is back on. you can put your fed hat aside. >> okay. >> we're at 4.40 on the 10-year. >> yeah. >> we had this national economic challenge a little while ago, some of the brightest young people in this country forecasting the 10-year. i think the last person said -- went, said 3.50 on the 10-year by the end of the year. does that sound outlandish to you? what would you own rediction be? >> so let's start the fed funds rate by the end of the year is not going to be lower than 4.75 or 5. we're selling 9 trillion of treasuries this year. next year it will be closer to 11 trillion. and we're struggling to sell duration globally. ie the 10-year and 30-year. you can sell bills and short. so i would guess the big issue in the years ahead, no. 3.50 would be a surprise to me. i think the rates are going to

be higher. i think we'll find how deep the bid is for treasury. i think 3.50 is too low. >> you keep coming back to and i hear it in answers that are unrelated to it, to the deficit. >> yeah. >> the funding thereof, right, what you were just alluding to, when does that really come home to roost, so that the people who continue to talk about it, can point to specific things and say there it is? >> i think we're already in a challenging situation. we're an ageing society. gdp growth is growth in the work force plus growth in productive. we know we're ageing. all of the growth will have to come predominantly from productivity unless we have more immigration. so we already -- debt to gdp is over 100% and we're at full employment. if you're at full employment, and you're an ageing society, you would want to be deleveraging right now. and so, we're going to have interest next year in the neighborhood of trillion dollars, largest item in fact budget. i think we're already in a

position where we need to do more in this country to focus on the deficit and find ways to moderate our debt growth. i don't think it's a can we can keep kicking down the road. >> are you thinking lastly about who is chair of the fed next year? we'll have an election. you know where this is going. >> i'm staying far away from that. and i'm -- >> how much does it matter to the process? >> it always matters who is in the seats. and i have a hard time predicting depending on various scenarios what might happen. but i think we've got jay powell at least through the end of 2025. i think in this type of situation that's an eternity. >> does it matter to the stability of the process or the markets as to whether the, quote unquote, the person who started this gets to finish the job? i don't mean started as fed chair, gets to see out the term. i mean from the hiking cycle, to

the end of that cycle, that the same person is consistent. >> i think it matters that the fed is independent. and i think we've learned -- anything in history, we need fed independence. i don't know that it matters that you have the exact same person. but i think the fed needs to make decisions that they think independently in the best interest of the country to get to full employment and price stability. i think that matters more than anything. >> i look forward to many more conversations. thanks for your time today. >> thank you, scott. >> that's robert kaplan at post nine. up next, biggest moves into the close. >> scott, a trial gets new evidence and an accounting probe goes away. sounds like a financial thriller. but involves two stock movers today. i'll have the details next.

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we're back. oil, it's tanking in today's session. take a look down near 4%. pippa stevens here with a check on the energy space for us. >> that's right, scott. oil is sinking after opec and its allies outlined plans to unwind their production cuts, which total 6 million barrels per day, equivalent to about 6% of daily demand. now, those barrels will start hitting the market in october. that's took traders by surprise since they were largely

expecting the voluntary 2.2 million barrel cut to be extended through the end of this year, rather than just through q3. now goldman sachs called it a bearish phase out saying they see it downside risk to their 75 to $90 forecast on brent. following the decline, energy is the worst group with diamond back and eog the biggest losers. new energy for solar is a bright spot. after goldman raised its price target to $302, applying 10% upside on top of the stock's 40% gain in the last month. scott? >> pippa, thank you. pippa stevens. back to kristina partsinevelos with another look at names in the close. >> gsk is down after the delaware state court gave the green light for scientific evidence against the discontinued heartburn drug zantac. alleging zantac caused cancer pulled from shelves back in 2019, 2020 after a regulatory

safety review. they would seek an appeal against the ruling seeing shares down almost 9%. shares of autodesk up 4.5% after releasing preliminary q1 earnings results. they were delaid for weeks over internal accounting investigation. the company announced there would be no restatements necessary of any of their financial audits or financial statements. they also reassigned their cfo to chief strategy officer. that's helping shares climb higher. scott? >> thank you so much. still to come, the spotify surge, the streaming company jumping on the back of a second price hike announcement. details and how it could impact that stock in the months ahead coming up. the bell is coming right back.

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we're getting news on the man known as roaring kitty. kate rooney has been following that already for us today. what are we learning, kate? >> we're getting headlines from "the wall street journal" that etrade owned by morgan stanley is considering kicking keith gill, aka roaring kitty, off of that trading platform.

according to this report, etrade is considering telling keith gill he cannot use the platform. they call out call options he bought on etrade. there has been this screen shot floating around of an etrade account showing he bought $116 million worth of options. that's the crux of this. he has been posting on social media but the call options are calling into question whether all of this in his actions did amount to market manipulation and the firm is considering and debating, according to this report, whether to pull his account down because of those concerns around market manipulation. "the wall street journal" also in this report saying that the s.e.c. has been reviewing trading in gamestop around those call options and some of his social media posts according to people familiar with the agency's efforts. no decision they say has been made and they're still debating this. we also reached out to morgan stanley and etrade, scott. no comment yet but we'll keep you posted. >> let me ask you a question, kate. has the page that you say has been going around on social

media, allegedly, i suppose, an etrade page, has that been verified by any of the parties involved that it's legit? >> it has not, scott. but this report does, if true, lend some credibility to the fact that he may, indeed, have an etrade account. if they're able to look him up and say, we are considering pulling his account down. so we have not verified that independently, other news outlets have not, but it did spark some of the trading we have seen in gamestop and some of the excitement. so newsworthy in that sense. the screen shot was up for debate. really interesting they're calling out here on etrade that this screen shot caught their attention and now considering pulling his account. so it seems base on this, in some ways, confirms he is etrade client and does maybe have that massive amount of call options in that position in game stop. >> yeah. we'll see. i have to feel there's more to this story. kate rooney, thank you so much. up next, industrial stocks getting slammed today. atndl tell you what's behi

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dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? got him. good game. thanks for coming to our clinic, first one's free. ♪ we're now in the closing bell market zone. cnbc market commentator mike santoli here to break down the trading day. seema mody has the details. seema? >> well, scott, ism manufacturing report is the catalyst in may. the number contracted to 48.7, falling below the estimate of 49.6 and april's read of 49.2. economists had been more optimistic on manufacturing

improving in light of key infrastructure policies, providing a boost. we are seeing the construction stocks caterpillar, united rentals among the key laggards today. two industrial ai plays that have both surged among growing demand centers are selling off around 2 to 3%. hub bell will be watched by the industrials. today's price action, industrials from evaluation perspective are now trading in line with the s&p 500, scott? >> appreciate it, seema. very much. thank you. seema mody. mike, we had late-day buying again. similar pattern we discussed on numerous occasions. s&p is trying to go positive. nasdaq half a percent and the dow 300 off worst level. >> took a trip around 52.50. the market is going after sort of chipping away at the conviction in the bank shot ai plays. right? we got rid of the dells and the

software companies. and now the utilities down today in some the electrical opponents industrials. so it's almost like why settle for the echo effect of it, just bid up nvidia again, up 5%. so still kind of a washy market at this point. nvidia the outlier to the upside, feels as if they're trying to maximize two-sided frustration before deciding which way we break. >> jobs report, data largely not great. >> yeah. not great. obviously yields down have been supportive in general. the cyclicals aren't taking much heart in that. i do think we need reassurance that the economy is not slowing too quickly. i don't think it is. you have the atlanta fed now down below 2%. so, arguably nominal gdp is now running below the fed funds rate. so you still need to get to that point, hey, you know what, maybe policy is restrictive. maybe we can see our way toward -- a week from tomorrow

the fed meeting starts. a lot of these numbers are what we're working with when powell comes out on the stage. >> you heard robert kaplan, no june, no july, talking september. >> september needs to stay in play, i think. >> good stuff, mike. thank you. mike santoli, see you tomorrow. i'll send it into "ot" with morgan and jon. [ bell ] well, a mixed bag to start the week as investors weigh soft manufacturing data against enthusiasm about nvidia's new chips. the dow closing well off lows after dropping more than 400 points earlier in the day. and the s&p closing a little better than flat, feels like a victory. that is the score card on wall street. but we'll stay late. welcome to "closing bell overtime." >> late-day buying. coming up this hour, we'll talk to t. rowe about the new headlines from nvidia sending that stock higher and the other names he likes right now. >> plus, qualcomm ceo about the chip